The 9 Best Invoice Management Software – A 2023 Guide

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Why are invoices so vital that they need constant attention? It is because they are more than just commercial payment request documents detailing the payment terms of what you sell to your customers. 

In actuality, a promptly delivered and professional-looking invoice could potentially strengthen your reputation, earn trust, and cultivate positive relationships with your customers. 

How, you ask? Following through with good invoicing practices speeds up payment processing and increases the likelihood of getting repeated business with your customers. It also shows your customers that you take your financial transactions seriously and value your business with them. 

Despite knowing how organized and clear invoices can reduce confusion and disputes, proper invoicing is still a significant challenge for businesses to implement. The root cause of the problem lies with their inefficient invoicing processes that make creating, managing, and sending invoices a problematic task that draws a lot of organizational resources. 

This, in turn, affects client relationships causing potential reputational and financial damages to businesses. 

Luckily, however dire the situation may seem for such businesses, a lucrative solution exists. The answer lies in employing the right Invoice management software to transform your invoicing process into a seamless, efficient, and enjoyable experience that dramatically reduces your resource dependency. 

The right solution can be the key to streamlining invoice processing, avoiding late payment penalties, staying clear of duplicate payments, seamlessly managing international payments, and quashing fraudulent invoices. 

We aim to help you choose the ideal software for your business requirements. To do this, first take a look at the list we have curated below, showing the top invoice management software of 2023, which we will be covering in this piece.

The Top Invoice Management Software

  • Zapro
  • Nanonets
  • Freshbooks
  • Quickbooks
  • Xero
  • Zoho Invoice
  • Sage Accounting
  • Wave
  • Simplybill

What Is Invoice Management Software

An invoice management software is a modern tool that automates every stage of the invoicing process, including generating, sending, tracking, receiving, capturing, and managing invoices. 

Good Invoice Management Software should rid you of any erroneous and tedious manual processes you may currently engage in.

The 9 Best Invoice Management Software in 2023

Without further ado, let us explore our choices for the nine best Invoice Management Software in 2023, their features, and their pros and cons. 

1. Zapro

Our Invoice Management Software and spend analysis platform, Zapro uses state-of-the-art automation and e-invoicing to speed up your payment cycles with reduced errors. We pride ourself with our platform’s invoice management system and its unparalleled ability to streamline and optimize your invoice management, revolutionize your workflows, and eliminate the need for manual data entry. Partnering with us can significantly improve your invoicing process efficiency and cash flow. 

Features:

  • Allows suppliers to directly invoice post-purchase
  • OCR-powered intelligent document processing
  • Smart invoice routing
  • Streamlined 3-way invoice reconciliation process through AI-powered matching technology
  • Implement tolerance thresholds for invoices, enhancing matching accuracy and reducing discrepancies.
  • Slack / Teams Integration
  • Reports and Analytics
  • Webhooks and API Support

Pros:

  • Stellar customer service.
  • Seamless Integrations.
  • Optimize invoice workflows with robust automation.
  • Two Way, Three-way, Multi-Way Matching.
  • No Code Customizable Platform.
  • Seamless Cloud Deployment.
  • OCR-powered smart invoice and document processing with increased accuracy, minimal manual input, and automated data extraction.

2. Nanonets

It is a capable invoice management system that supports automated smart invoice processing and specializes in automated data extraction, PO matching, invoice payments, approvals, and more.

Features:

  • The invoice OCR template accurately extracts data from invoices.
  • Two Way, Three-way, Multi-Way Matching
  • Automation functionalities.
  • Invoice classification.
  • Automate manual data entry processes using its workflow management system.
  • Integration options available

Pros:

  • Easy to use.
  • Good customer support
  • A dedicated Customer Manager is available
  • No-code platform
  • Trial option available

Cons:

  • Inability to generate invoices.

3. Freshbooks

It is invoice-tracking software that assists SMEs in sorting out their invoicing processes. It lets users quickly generate, send, manage, and pay invoices from the platform.

Features:

  • Automated invoice capture and tagging.
  • Create professional invoices.

Pros:

  • Easy to set up and start using with existing workflows

Cons:

  • Does not provide automated invoice processing.
  • It may require a significant learning curve.
  • Integrations can be complex to set up.
  • Expensive as compared to other platforms
  • Minor issues with the UI
  • Customer service could be better.

4. Quickbooks

Quickbooks is an easy-to-use smart invoice management tool that generates invoices, tracks inventory, manages expenses, performs payroll tasks, and creates financial reports. It has some helpful automation functionalities that many users find beneficial. 

Features:

  • User-friendly design
  • It has invoice-tracking functionality.
  • Can provide automatic reminders for billing.

Pros:

  • Easily manage tax rates.
  • The platform can be used to monitor all of your financial records centrally.

Cons:

  • Has restrictions on the number of users and accounts.
  • Many find it to be an expensive solution.
  • Customer support is reportedly not as good as that provided by its competitors.

5. Xero

As a reputed invoice management solution amongst small businesses that provides its users with accounting automation services, Xero also provides automatic reminders for recurring invoices. Although the software’s features entirely vary on the pricing plan you choose. 

Features:

  • Provides an intelligent dashboard that streamlines receipt tracking. 
  • Supports multiple-approvals.
  • Two-factor authentication functionality for shared invoices.

Pros:

  • Send invoices and quotes.
  • Settle bank transactions.
  • Short-term cash flow and business snapshot.

Cons:

  • No free plan
  • Multiple currencies are not supported for all plans.
  • Additional fees for analytics and tracking projects.

6. Zoho Invoice

Zoho Invoice is a cloud-based invoice management solution that helps SMEs create and track their invoices. In addition, it also allows its users to accept e-payments and set reminders to keep track of invoice history.

Features:

  • Provides several custom templates.
  • Ability to track time.
  • Has a client portal.

Pros:

  • It provides a free account
  • Supports the creation of invoices in different languages and currencies.

Cons:

  • Certain critical functionalities, such as payroll, are only available on paid plans.
  • Users must engage in customization for deployment.
  • Support is limited with self-service FAQ.

7. Sage Accounting

Sage Accounting is a financial platform that allows its users to keep track of their sales invoices and what is owed to them on a real-time basis. It is a cloud-based platform that gives a comprehensive view of the cash coming in and going out. 

Features:

  • It has dashboard functionalities.
  • Time and expense and invoice management
  • Real-time reporting
  • Global consolidations for multiple entities.

Pros:

  • Users can create dashboards and custom reports.
  • Its most expensive plan supports unlimited users.
  • Real-time expense tracking.
  • Has good customer support

Cons:

  • Product details could be more specific.
  • There needs to be a free plan for users to try.

8. Wave

The Wave suite provides its users with tools to create custom invoices, accept e-payments, and simplify the accounting process.

Features:

  • Quick Custom invoicing
  • Automated bookkeeping

Pros:

  • Easy to use and setup
  • Good Customer support

Cons:

  • Does not have built-in third-party application integration.
  • Has limited accounting features.
  • Customer service is limited to a few channels.
  • It only has a few plan options.

9. Simplybill

Simplybill is an entirely cloud-based Invoice Management Software that only requires a secure browser. Its users can access their invoices remotely from anywhere without hassle. It also allows you to see a comparison of your invoices between different years to get a better picture of your spending.

Features:

  • It does not require a significant learning curve.
  • It has suitable data security mechanisms.
  • Has invoice recovery functionality in case of accidental deletion.
  • Can customize and add tax rates based on regional regulations.

Pros:

  • Cloud-based, so no serious computational power is required.
  • Works with mobile devices as well as your computer browser.

Cons:

  • Its features are basic compared to those provided by other platforms.
  • Users reportedly are facing issues accessing the portal through their mobile devices.

Selecting The Right Invoice Management Software

Although all of these software are invoice management solutions with some excellent features, not all of them may have the features you need for your business. 

It is important to take stock of some of the most valuable criteria before selecting one for your business. 

Here are some of the aspects that make an outstanding invoice management software.

1. Usability

The right software should not need a learning curve for your business stakeholders to adapt. The ideal selection would be a no-code software that users can easily use right from the get-go.

2. Features

There are countless Invoice Management Software available out there. An excellent tip to help you zero down on the best one for you is to focus on the features each platform provides, as only a handful may have the features and functionalities your business needs. Some noteworthy features you can look for are automated invoice delivery, invoice matching, payment tracking, and reporting. 

3. Integrations

Software that cannot integrate with your existing systems may not be able to achieve the desired effect. Without seamless integration with your current invoicing processes, your users may have to resort to counterproductive manual means to record, process, create and deliver invoices despite the presence of Invoice Management Software. 

4. Cost

While some Invoice Management Softwares are expensive, this is not true for all. Several leading software offers a wide range of features and functionalities at a fairly reasonable cost. Finding these options requires research and a clear idea of what you want it to achieve. 

5. Security

Even a minor data leak can be dire for a business, so your data security should never be on the back burner. Ultimately, your software must have the proper security measures to fight unauthorized access and protect sensitive financial information.

6. Customer Support

You can never predict when you may face issues with your software or just have a few queries that need clarification. In such instances, neither you nor your customers should wait until the problem is sorted out. An excellent Invoice Management Software in 2023 must have a capable backend customer support team with all the resources necessary to provide prompt solutions to your queries. So adjust your focus to include stellar customer support in your selection criteria.

7. Automation Capabilities

We have finally arrived at one of the most critical capabilities to look for in 2023. In a world being thrust forward by automation, it is essential to look for the same within how you handle your invoicing processes. 

Look for invoice management software with advanced workflow management capabilities to implement end-to-end automation of your invoicing processes. Remember, with reduced manual processes, you will reduce potential errors, discrepancies, and costs. 

Benefits Of Using An Invoice Management Software

Still on the fence about whether you need invoice management software or not? These benefits of using an automated invoice management solution may help you decide.

1. OCR excellence

Processing important documents and invoices has never been more seamless. Once you have scanned the invoices, the platform will read, convert, and accurately capture its information eliminating the need for messy manual data entry.

2. Data Analytics

Apart from accurate invoice data capture, an excellent invoice management solution will allow you to leverage this information and provide actionable insights through dashboards and reports for organizational stakeholders to improve the invoicing process.

3. Smooth Invoice Routing

Track your invoices on the go and never miss a beat on your expenses.

4. Smart reconciliation

A sound invoice management system should provide you with AI-powered reconciliations that do all that needs to be done with a simple click, freeing you and your employees of their valuable time and resources.

5. Flexibility

Right from day one, invoice management software should help you seamlessly match invoices to the corresponding POs through two-way, three-way, or multi-way matching ridding you of inaccuracies. 

Remember, the right software is your ticket to smoother operations, fewer problems, and more time to focus on what truly matters—your business’s success! 

Discover Automated, Accurate Invoice Management With Zapro

Choosing the right invoice management software vendor is crucial for streamlining your processes and ensuring timely and accurate invoicing. While each vendor offers unique features and pricing plans, you will find that the Zapro invoice management system will be a solution that meets your every business need. 

Whether you prioritize user-friendliness, invoice automation, flexibility, smart reconciliation, invoice routing, OCR capabilities, advanced analytics, or AI capabilities, Zapro can cater to your requirements. 

So take your time, evaluate your business needs, consider the features and pricing of each vendor, and make an informed decision.